# Crisis Incidence by Capital Account Openness

| | Closed | Mid | Open |
|:---|---:|---:|---:|
| Banking onset rate | 1.82% | 2.01% | 1.53% |
| Any crisis onset rate | 6.44% | 4.37% | 2.50% |
| CA reversal rate | 17.16% | 16.22% | 15.16% |
| CA reversal rate (5pp) | 9.86% | 9.78% | 9.16% |
| Mean Z₁ | -2.023 | -1.401 | -0.762 |
| Mean youth dep. | 0.668 | 0.540 | 0.417 |
| Mean old dep. | 0.083 | 0.111 | 0.152 |
| Mean NFA/GDP | -0.568 | -0.373 | 0.064 |
| Mean CA/GDP | -4.420 | -2.018 | -0.850 |
| N | 3135 | 1739 | 2282 |
| Countries | 130 | 142 | 95 |

*Crisis rates are unconditional sample means (%). KAOPEN terciles based on pooled distribution.*